How Social Media Channels Can Benefit From Blockchain Technology
Starting the journey as a technology behind the process of cryptocurrency, blockchain technology has become favorable to thousands of other different sectors as well. The technology is popularly getting used in industries like hospitality, real estate, and medical. Using this Blockchain technology, buyers and sellers of any company are experiencing a smooth and reliable way to do their monetary transactions.
Nowadays, almost everyone is fond of social media and spends a lot of time in accessing those. Scrolling through social media like Facebook, Instagram, Twitter, etc. has become a daily routine for many. The addictive and free channels of social media are having enough impact on everyone’s life, which doesn’t need any further explanation.
Now one might think about how Blockchain technology can be related to social media. Well, the recent scandal of Facebook is well known. Plus, fake news, nudity, trolls, or hate speech are often found common and regular problems of any social media channels. Many of the channels have already started banishing suspected fake accounts to prevent any harm. This is something where Blockchain technology can be helpful.
The verification process of Blockchain technology is so strict that it can detect any false news before getting out. Apart from that, checking profile identity, verifying information, and scanning data all can be done using the same technology.
Now let’s know how this technology can benefit social media:
User can have control over their data
One might wonder how searching about something in Google can show up on the homepage of Facebook or in other social media applications. Well, this happens because every time you search, click or share something, the data gets collected, and that is why you get personalized experience in your profiles. The social media platforms do this purposefully to make you stick around them. If the Blockchain technology can be used, then it automatically it will reduce the chances for the platforms to consume and collect one’s personal data. Transactions like chatting with someone will also be encrypted in such ways, so the platforms won’t be able to dictate how the operation is running.
It is needless to say online games are top-rated these days, and you need to sign up with your Facebook ID or e-mail ID before trying to play those games. Plus, one can buy some virtual game items to complete their game. In this way, not only your data is being collected, but also, your monetary transactions are getting exposed. Playing games using cryptocurrency has made it less risky because the technology is creating an accounting system which is allowing you to buy and sell those gaming items safely.
Improved social media-based crowdfunding and peer-to-peer sales
By using the power of social media, the tech startups have raised almost 1.3 billion dollars from primary coin offerings. Considering this, it is quite evident that blockchain-enabled social media platforms have far better chances for crowdfunding. Hence, peer-to-peer sales have a much better opportunity to grow using blockchain technology.
The social media platforms can be misused by spreading false news and rumors, and that can trigger more severe problems for any country. The blockchain distributed ledger system can come to the rescue in such cases. The blockchain technology can automatically scan and verify data, identity, and information. For instance, the developers have been provided a framework by Oxcert protocol in which the developers have to create decentralized applications. Those applications will be capable of authenticating and verifying digital and physical assets like original ID, university degree, etc. The verification can be helpful because the initial content verification can lessen the chances of spreading false news or trolling.
While summing up, it is quite evident that social media platforms cannot deny the benefits of enabling itself with blockchain technology. Not only the users, the developers, investors, and creators – everyone will be benefitted at the end while the social media platforms get enabled with blockchain technology. Though there are lots of misconceptions about this technology, in cases of social media, the benefits of blockchain technology are real and promising. SO, without thinking about the failure at the initial phase, it is time to look at the big picture and create data transparency with excellent security.